This invention relates generally to government entitlement checks. More specifically the invention relates to designating amounts of government entitlement checks to be deposited into various accounts, and maintaining a record of each transaction relating to the government entitlement checks.
Currently, recipients of government entitlements checks (e.g. social security disability, veterans benefits, unemployment benefits, welfare benefits, food stamps, etc.) are unable to divide such checks between various accounts (e.g. checking, savings, debit card, investments, education fund accounts, IRAs, pre-paid MasterCard®, etc.). The recipient may either receive the entitlement by paper check, or direct deposit into an individual specified account. These restrictions present a problem for recipients that wish to plan for future needs (e.g. retirement, education, catastrophe, etc.) or better organize their finances.
Additionally, recipients of entitlement checks are often required to report to the appropriate government agency (e.g. Social Security Administration (SSA), Veterans Benefits Administration (VBA), the Department of Health and Human Services) how and on what entitlement funds are spent. Presently, precise tracking is difficult because currently no system is in place to properly categorize entitlement check expenditures. Furthermore, for most people manually tracking can be time intensive and inaccurate. Accordingly, the methods and systems of the present invention provide solutions to these and other problems.